Nationwide Acquires Core Business of Dunfermline Building Society

By @ibtimes on

UK's Nationwide Building Society acquired core business of Dunfermline Building Society, the Bank of England said in a report on Monday. The deal followed a sale process carried out by the central bank over the weekend under the Special Resolution Regime provisions of the Banking Act 2009.

Dunfermline's retail and wholesale deposits, branches, head office and originated residential mortgages, other than social housing loans and related deposits have been transferred to Nationwide. All of Scottish building society's staff have been transferred to Nationwide.

It is business as usual for all customers. Dunfermline's deposit business will continue to operate normally the central bank stated. The BoE added that savers can be assured that their money is safe. Loan and mortgage customers can continue to contact Dunfermline in the usual way and should continue to make repayments as normal.

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